Mirae Asset Global Investments Co. Ltd. Buys 13,982 Shares of Crane (NYSE:CR)

Aug 22, 2023

Mirae Asset Global Investments Co. Ltd. lifted its stake in Crane (NYSE:CR - Free Report) by 5.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 252,039 shares of the conglomerate's stock after purchasing an additional 13,982 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.44% of Crane worth $28,606,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Skylands Capital LLC bought a new position in Crane during the first quarter worth about $596,000. Van ECK Associates Corp lifted its holdings in Crane by 96.6% during the first quarter. Van ECK Associates Corp now owns 11,617 shares of the conglomerate's stock worth $1,319,000 after acquiring an additional 5,707 shares in the last quarter. Legacy Financial Advisors Inc. lifted its holdings in Crane by 5.2% during the first quarter. Legacy Financial Advisors Inc. now owns 5,290 shares of the conglomerate's stock worth $600,000 after acquiring an additional 260 shares in the last quarter. Granite Investment Partners LLC bought a new position in Crane during the first quarter worth about $24,331,000. Finally, MTM Investment Management LLC raised its stake in shares of Crane by 7.3% in the 1st quarter. MTM Investment Management LLC now owns 2,725 shares of the conglomerate's stock valued at $309,000 after purchasing an additional 186 shares during the period. 26.26% of the stock is currently owned by institutional investors.

Several analysts have issued reports on the company. DA Davidson lifted their price target on Crane from $92.00 to $107.00 in a research note on Thursday, July 27th. StockNews.com assumed coverage on Crane in a research note on Tuesday, June 6th. They issued a "hold" rating on the stock. Stifel Nicolaus lifted their price target on Crane from $87.00 to $101.00 and gave the company a "buy" rating in a research note on Wednesday, July 19th. Finally, UBS Group dropped their price target on Crane from $120.00 to $82.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 5th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Crane presently has a consensus rating of "Moderate Buy" and an average price target of $104.75.

Read Our Latest Research Report on CR

NYSE:CR opened at $92.46 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18. The stock's 50-day simple moving average is $84.96 and its 200 day simple moving average is $94.44. The company has a market cap of $5.25 billion, a P/E ratio of 12.25, a P/E/G ratio of 1.93 and a beta of 1.49. Crane has a 52-week low of $67.28 and a 52-week high of $95.21.

Crane (NYSE:CR - Get Free Report) last released its earnings results on Tuesday, July 25th. The conglomerate reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.19. The business had revenue of $509.60 million for the quarter, compared to the consensus estimate of $524.65 million. Crane had a return on equity of 24.45% and a net margin of 13.10%. Crane's quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.90 earnings per share. As a group, sell-side analysts forecast that Crane will post 7.87 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 13th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend is Wednesday, August 30th. Crane's dividend payout ratio (DPR) is presently 9.54%.

In other Crane news, CEO Max H. Mitchell sold 37,495 shares of the business's stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $76.48, for a total transaction of $2,867,617.60. Following the transaction, the chief executive officer now owns 322,628 shares of the company's stock, valued at $24,674,589.44. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.40% of the company's stock.

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the Americas, Europe, the Middle East, Asia, and Australia. The company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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